India’s influence in global oil products market up since 2022: IEA

Feb 7, 2024



Betul (Goa): India's role global swing supplier Of refined petroleum products As the loss increases by 2022 Russian exports The International Energy Agency said on Wednesday the westward pull for Asian diesel and jet fuel in European markets has increased and reiterated that the country's oil demand growth will overtake China in 2027.
But the rapid growth in oil consumption and high dependence on imports also makes energy security a key political priority for New Delhi following the global energy crisis and market disruption following Moscow's invasion of Ukraine, as does India's oil market. But this is the latest report of the agency. Said.
“India's role in global oil markets is expected to expand significantly over the rest of the decade due to strong growth in its economy, population and demographics,” the report released in India Energy Week said.
It said India became the fourth largest exporter of middle distillates and sixth largest refinery products exporter globally with 1.2 million barrels per day (MB/d) in 2023. On the demand side, the report said India is on track to record oil growth of about 1.2 mb/d, more than a third of the projected 3.2 mb/d global gain, which is expected to reach 6.6 mb/d by 2030. Will go. ,
India's annual refining capacity is 250 million tonnes and is expected to reach 240 million tonnes by 2030. The country emerged as an exporter of products after Reliance Industries Limited and Essar (now known as Nayara) built large refineries in Gujarat between 1999 and 2008. , respectively.
Reliance dominates exports to the Atlantic Basin and Southeast Asia, while Naira focuses on Africa. India exported 45.2 million tonnes of petrochemical products in the April-December period of fiscal year 2023-24, compared to 45.4 million tonnes in 2022-23.
Indian petro products exports, boosted by cheap Russian crude following the Ukraine conflict, prevented a global product shortage by filling the void created after Europe and the US stopped buying Russian supplies.
India is set to retain its position as a leading exporter of transportation fuels as continued investment in refining capacity and complexity will boost light and medium distillate production. The IEA sees new capacity increasing global product exports to 1.4 Mb/day by the middle of the decade, before tapering to 1.2 Mb/d by 2030, given continued growth in domestic demand.



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